Agree that Australia needs to focus and provide more support to innovation as an avenue for growth, I particularly like the line..”The AU$315 billion projected figure is just if Australia reaches parody with its OECD peers,”!?!?!?! Think someone should have proof read the article!
Launching a new report from Data61, Digital Innovation: Australia’s $315b Opportunity, Turner highlighted that although Australia offers world class research expertise and a skilled workforce, the nation still doesn’t quite grasp that it needs to up its innovation game. He said there’s a potential AU$315 billion in gross economic value over the next decade to be made if innovation is taken seriously.
The AU$315 billion projected figure is just if Australia reaches parody with its OECD peers, however. “A critical message in this report is that this next science and technology driven economic cycle is ours to capitalise on, but the opportunity is perishable if leaders across the national innovation ecosystem don’t take action now,” Turner said.
He highlighted his disappointment while delivering his keynote, noting that Australia’s total R&D spend is one-third of what the top five tech companies spend individually on their own R&D. Also of concern to Turner is not that Australia’s top five companies are finance and mining-related, but that the youngest, the Commonwealth Bank of Australia, was founded in 1911. He compared the top five to the US, noting in particular that Microsoft is the oldest of the bunch.